Document background
This Sweep Account Agreement is essential for establishing automated fund transfer services between designated accounts within a Canadian banking context. It is commonly used when account holders wish to maintain optimal account balances through automatic transfers, whether for cash management, interest optimization, or overdraft protection purposes. The agreement specifies all necessary parameters for the sweep service, including minimum balances, transfer thresholds, timing, and applicable fees. It ensures compliance with Canadian banking regulations while providing flexibility for different client needs, whether individual or corporate. The document is particularly relevant for businesses seeking efficient cash management solutions and individuals wanting to maximize interest earnings or maintain minimum balance requirements across multiple accounts.
